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By: Benyamin Davidsons
John Catsimatidis, the billionaire real estate developer, radio host and supermarket magnate has obtained a $57 million loan for a mixed-use project in Chelsea. As reported by Crain’s NY, as founder of Manhattan-based development firm Red Apple Group, Catsimatidis told Crain’s on Monday that the project at 280 Eighth Ave. is nearly topped out and didn’t “really need” financing, but he took it just for “good old sake.”
City records from last week show the construction loan from JPMorgan Chase signed by Catsimatidis himself, as first reported by PincusCo. Per Crain’s, the 12-story, approximately 100,000-square-foot project, situated between West 24th and West 25th streets, is expected to include over 100 rental apartments, along with roughly 6,000 square feet of retail space on the ground floor. The project, at the site of a former Rite Aid, will cost over $100 million to build in total, he said. The recently inked loan will go toward balancing construction costs, he said. Catsimatidis said he has yet to sign a lease for the retail space at the project. “Take your choice, what would you like to see in the neighborhood?” he said. He noted, however, that he has no plans to open a supermarket there.
Catsimatidis’ Red Apple Group portfolio, which also includes multiple energy companies, owns and manages roughly 2 million square feet of commercial, residential and industrial real estate primarily in New York City, Pennsylvania, Ohio, and Florida. The portfolio includes a 33-story luxury rental tower at 86 Fleet Place in Downtown Brooklyn, named the Eagle, which boasts 440 residential units with a full list of amenities, and retail space on the ground level. Another notable project, dubbed Ocean Drive, is a two-building 22-story luxury rental project in Coney Island.
Catsimatidis, 75, who boasts an estimated net worth of $4.51 billion, is also the owner and chief executive of the Manhattan chain of grocery stores, Gristedes and D’Agostino. He also hosts The Cats Roundtable on WABC and the Cats at Night show radio shows.
He purchased the WABC radio station in 2019. In 2013, he briefly ran for NYC mayor, and had also considered running for mayor in 2009. Catsimatidis said he does not intend to run for mayor again next year.
Catsimatidis, who was a Democrat before 2009, but has been a Republican since then has been a big political donor for both sides. He has been, and continues to be, a strong supporter and donor for former President Donald Trump. In the past, he was a significant donor to Hillary Clinton in her 2008 run for president. Catsimatidis is a generous philanthropist for a wide array of causes. As of 2001, Catsimatidis was one of the largest donors to the G&P Foundation for Cancer Research. He founded the Brooklyn Tech Endowment Foundation, also funds the John Catsimatidis Scholarship Fund at the New York University Stern School of Business, per Wikipedia.
